President Donald Trump on Thursday announced a new round of punishing tariffs, saying the United States will impose a 100% tariff on imported branded drugs, 25% tariff on imports of all heavy-duty trucks and 50% tariffs on kitchen cabinets.
Trump also said he would start charging a 30% tariff on upholstered furniture next week.
He said the new heavy-duty truck tariffs were to protect manufacturers from “unfair outside competition” and said the move would benefit companies such as Paccar-owned PCAR.O Peterbilt and Kenworth and Daimler Truck-owned DTGGe.DE Freightliner.
Trump has launched numerous national security probes into potential new tariffs on a wide variety of products.
He said the new tariffs on kitchen, bathroom and some furniture were because of huge levels of imports that were hurting local manufacturers.
“The reason for this is the large-scale ‘FLOODING’ of these products into the United States by other outside Countries,” Trump said, citing national security concerns about U.S. manufacturing.
The U.S. Chamber of Commerce urged the department not to impose new tariffs, noting the top five import sources are Mexico, Canada, Japan, Germany and Finland “all of which are allies or close partners of the United States posing no threat to U.S. national security.”
Mexico is the largest exporter of